Local agribusiness Wellard has promoted non-executive director Fred Troncone to an executive position on the board, as its founder and chief executive committed to remaining with the company until at least the end of the year.
Local agribusiness Wellard has promoted non-executive director Fred Troncone to an executive position on the board, as its founder and chief executive committed to remaining with the company until at least the end of the year.
The live cattle exporter said in a statement today that Mr Troncone had been made executive director operations and would assume responsibility for all of the company’s day-to-day operations.
Mr Balzarini, meanwhile, has retained his positions as managing director and chief executive, but will add the responsibility of strategic planning and development of growth initiatives for the business.
Wellard also said that Mr Balzarini, who also holds loan agreements with the company he founded, would continue to serve the business until at least the end of the year, and until Wellard had reshaped its banking arrangements with finance provider Intesa to its satisfaction.
“Mr Balzarini’s restraint period has also been adjusted to end on the date that is the later of September 21 2018 or when he ceases to be an employee or a director of the company,” it said.
“The company has removed the option for 21 months’ gardening leave.”
Mr Balzarini said Wellard had been taking steps to improve its operations and performance, which Mr Troncone would continue to drive through his day-to-day management of the company.
“I will devote more time to strategic planning and the development of growth initiatives,” he said.
In his new position, Mr Troncone will receive a base salary of $682,850 per annum, plus a further $100,000 annual director fee, both inclusive of superannuation.
Wellard shares were unchanged at 16.5 cents each at 1:30pm.
